GSK buys US Vaccine Firm for $3.3bn

GlaxoSmithKline on Tuesday bought Affinivax, a US biopharmaceutical firm for up to $3.3 billion, expanding further into vaccines before the demerger of its consumer health care arm.

The London-listed company has agreed to pay $2.1 billion upfront and up to $1.2 billion in potential development milestones for Affinivax.

According to GSK, “the proposed acquisition further strengthens our vaccines research and development (R&D) pipeline, provides access to a new, potentially disruptive technology, and broadens GSK’s existing scientific footprint in the Boston area,” said GSK’s chief scientific officer Hal Barron.

“We look forward to working with the many talented people at Affinivax to combine our industry-leading development, manufacturing, and commercialisation capabilities to make this exciting new technology available to those in need,”

The acquisitions come as Chief Executive Emma Walmsley seeks to reshape GSK after she faced fierce investor criticism over the company’s delay in producing Covid jabs and treatments.

Glaxo last month bought US group Sierra Oncology, a specialist in medicines for rare forms of cancer, for $1.9 billion.

Meanwhile, GSK is in the process of demerging its consumer health care arm Haleon — a joint venture with US peer Pfizer — to concentrate on its main pharmaceutical business.

Source: GSK buys US Vaccine Firm for $3.3bn – StocksWatch (stocksng.com)

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